Posted on 07/02/21
| News Source: FOX Baltimore (WBFF)
Many families are 2 weeks away from receiving new payments from the IRS. It's part of the massive $1.9 trillion coronavirus relief package signed by President Joe Biden back in March. There's a date for you to circle on your calendar and there's one big difference between the previous payments (for $1,200, $600, and $1,400) that people received earlier this year and this new payment.
July 15th is when the next round of money will begin being distributed by the IRS. The money is from the expanded Child Tax Credit. It's been expanded up to $3,600.
But that's not the only date that people will receive the money. This new payment is recurring. People who qualify for the money will get payments on the 15th of each month until the end of the year.
Parents with children under 6 years old will receive payments of $300 per month. Families with children aged between 6 and 17 years old will receive $250 per month.
People who make less than $75,000 as individuals and $150,000 for married couples filing jointly will be eligible for the full expanded federal child tax credit. The credit phases out at $95,000 and $170,000 respectively.